Heritage Global Inc (NASDAQ:HGBL) Stock Suddenly Falls 7%: But Why?
Asset advisory and action services firm Heritage Global Inc (NASDAQ:HGBL) saw its stock take a dive on Tuesday as investors headed for the exits. As a result, the Heritage Global stock tanked by as much as 7% and in this situation, it might be a good idea for investors to possibly figure out if the fall in the stock could in fact be an opportunity.
Market Stats
On Tuesday, HGBL stock fell 7% at $1.73 with more than 89k shares, compared to its average volume of 86k shares. The stock has moved within a range of $1.7300 – 1.9000 after opening trading at $1.90.
Latest News
Yesterday, the company was in focus after its subsidiary company Heritage Global Partners announced that it was going to oversee an online auction of the late model surplus assets from the Aberdeen, South Dakota facility of the Molded Fiber Glass Companies.
In this regard, it is perhaps also necessary to point out that the auction in question is going to be conducted in association with Williston Asset Management and The Branford Group.
The momentous auction is going to commence next month on December 14 and will be concluded the next day. The catalog for the auction has already been posted online with photograph on the online registration website. While the upcoming event is expected to be an important one, it did not create any excitement among investors about the Heritage Global stock. It remains to be seen if the stock can rebound any time soon.
Key Quote
Matt DelGuidice, Senior Vice President at HGP commented, “This is a great opportunity to buy well maintained assets from a world class operation, in a spotless environment. The assets are like new and we expect tremendous buyer interest. Register early and don’t miss out on this opportunity.”
Traders Corner
HGBL stock is trading below the 20-Day and 50-Day Moving averages of $1.83 and $1.94 respectively. Moreover, the stock is trading below the 200-Day moving average of $2.49. The stock is down 10% in the past month.
